R Balaji describes the heavy mineral mining industry’s current scenario in a recent news story on the Hindu Business line. He states that the industry is currently at a standstill because the Government has banned beach mineral mining across the state last year in the month of August, due to some complaints of illegal sand mining.
The government apparently had ordered an enquiry last year but no verdict has been passed yet. VV Minerals, India, the largest heavy mineral mining company in the country is responsible for more than three quarters of the beach mineral mining activity in Tamil Nadu. However, it is shut down because of this ban, resulting in unemployment to over many thousands of people and loss of the nation’s economy.
In a statement given by Mr. V Subramanian, the Managing Partner of VV Minerals, India, he stated that this ban has handicapped the domestic industry. According to his knowledge, the industry contributes to about Rs. 3500 crore in foreign exchange. The State Government is also losing out on annual revenues of Rs. 200 crore in royalty apart from taxes, he said
With the unimaginable losses already suffered by the private companies dealing with heavy mineral mining, they are collectively urging the government to fasten the process of this inquiry and punish only the ones who have done wrong instead of making the entire industry suffer.
VV Minerals is privately owned by Mr. S Vaikundarajan. The top management includes Mr. V. Subramanian, Mr. J Muthurajan and Mr. Jegatheesan.
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